Do you live in or around the Ponte Vedra Beach, FL area? Do you have enough insurance coverage to protect your business, home, and auto? Let the insurance professionals at Palm Valley Insurance Inc. explain the advantages of having the additional protection of umbrella insurance.
Most standard insurance policies will cover the primary losses one could experience. But what if something unusual occurs and your basic coverage needs to extend the limits? Umbrella insurance coverage is an extra or add-on that extends the boundaries of other plans you have in place.
For example, if you are in a car accident and the other driver has sustained injuries, both vehicles are damaged. If the other driver wants to bring a lawsuit against you, umbrella insurance could decrease the financial strain you will face.
Who needs the protection of umbrella insurance? If you have a net worth of over $500,000. Basically, the more you have, the more you stand to lose. A standard insurance policy will not provide enough coverage. So, umbrella insurance is for you if you are working toward becoming a millionaire or are already one. Don’t allow a lawsuit to take away the assets you have worked so hard to attain.
Umbrella insurance is usually sold in $1 million to up to $5 million increments. The more coverage chosen, the more you will probably pay. The cost of umbrella insurance is partly based on risk factors that could make you more likely to face a liability claim.
If you have any additional questions about why you need the addition of umbrella insurance to your existing coverages, contact the professionals at Palm Valley Insurance Inc. Their highly trained and knowledgeable staff are ready to help you.